Annual credit report review

This Tip was first run in March 2007. This "encore tip" is an annual reminder to check your credit report.

This is your annual reminder to request your credit report. Under the Fair and Accurate Credit Transactions Act (FACTA), every consumer is eligible for a free copy of his/her credit report every 12 months. Follow the instructions at www.annualcreditreport.com to request your credit report from each of the three major credit reporting agencies.

When reviewing the credit reports, look for:

adverse actions on your accounts that might indicate that you have been a victim of identity theft

accounts that have been opened in your name without your knowledge. Even if the identity thief is making the payments regularly, the account could still be in use for illegal activities.

If you find a discrepancy, follow the specific instructions on the website to dispute any incorrect information.

Don’t forget to check the credit reports of your immediate family members, especially minor children and dependent elders. Both of those groups are at elevated risk of identity theft.

Remember that you are also eligible for a report every 12 months from any of the specialty agencies which have information about you.

If you want more frequent feedback on your credit history, consider asking for your free copy from only one of the major credit reporting agencies at a time. Space the requests for the other two agencies out every four months. For example, you could ask for your free copy from Experian in March, your free copy from TransUnion in July and your free copy from Equifax in November. Once you start, you will have to keep the same rotating pattern. Schedule the requests on your calendar.